MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PERFECT ENGINEERING AND ALLIED WORKS PRIVATE LIMITED |
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Registered Office : |
Nizami Compound, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.05.1995 |
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Com. Reg. No.: |
04-25719 |
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CIN No.: [Company
Identification No.] |
U27109GJ1995PTC025719 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDP01638A |
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PAN No.: [Permanent
Account No.] |
AABCP6410B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Light and Heavy Fabrication Process Equipment and Chemical
Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Nizami Compound, |
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Tel. No.: |
91-265-2646711 / 5595611 / 2645786 /
2657454 |
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Fax No.: |
91-265-2651834 / 2646880 |
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E-Mail : |
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Website : |
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Factory : |
846 / 847, G.I.D.C, |
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Tel. No.: |
91-265-2642066 / 2636412 |
DIRECTORS
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Name : |
Mr. Bashir T. Nizami |
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Designation : |
Managing Director |
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Address : |
B / 40 GIDC Colony, Makarpura, |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Ardhendu Shekhar Ray |
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Designation : |
Director |
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Address : |
5/135, Mig Colony, Karel Bag, |
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Date of Birth/Age : |
01.02.1939 |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Shoeb Nazir Nizami |
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Designation : |
Director |
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Address : |
B – 32, GIDC Colony, Makarpura, |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Asif Ismail Nizami |
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Designation : |
Director |
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Address : |
80 Divyajyot Society, |
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Date of Birth/Age : |
23.12.1943 |
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Date of Appointment : |
03.05.1995 |
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Name : |
Mr. Mohd Yunus J Sulemani |
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Designation : |
Director |
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Address : |
13 Narayan Park, Makarpura, |
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Date of Birth/Age : |
15.07.1940 |
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Date of Appointment : |
03.05.1995 |
KEY EXECUTIVES
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Name : |
Mr. Jagat Bandhu Sonar |
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Designation : |
General Manager |
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Name : |
Mr. Shamoon T. Nizami |
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Designation : |
Technical Director |
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Name : |
Mr. Ardhendu Shekhar Ray |
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Designation : |
Company Secretary |
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Address : |
5/135, Mig Colony, Karel Bag, |
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Date of Birth/Age : |
01.02.1939 |
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Date of Appointment : |
03.05.1995 |
SHAREHOLDING PATTERN
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Light and Heavy Fabrication Process Equipment and
Chemical Equipment. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Syndicate Bank, Mandvi Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mannan A R Chartered Accountants |
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Address : |
Camp’s Corner, Fatehganj, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.835 |
2.241 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.335 |
4.741 |
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LOAN FUNDS |
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1] Secured Loans |
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17.853 |
5.349 |
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2] Unsecured Loans |
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2.034 |
1.898 |
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TOTAL BORROWING |
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19.887 |
7.247 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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25.222 |
11.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.928 |
5.381 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.004 |
0.004 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.871 |
6.687 |
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Sundry Debtors |
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24.624 |
13.085 |
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Cash & Bank Balances |
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5.839 |
4.321 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.240 |
4.760 |
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Total
Current Assets |
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44.574 |
28.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.704 |
21.970 |
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Provisions |
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0.580 |
0.280 |
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Total
Current Liabilities |
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26.284 |
22.250 |
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Net Current Assets |
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18.290 |
6.603 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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25.222 |
11.988 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.65 |
6.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.70 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PERFECT ENGINEERING
AND ALLIED WORKS PRIVATE LIMITED |
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Presented By |
Mr. Bashir T.
Nizami |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated 16.09.1999 for Rs. 9.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.000
Millions Original Charges
Created |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock in – Trade
consisting of Raw Materials, Semi Finished Goods and Finished Goods, Scraps
etc. Stored at Company’s Factory premises at 846/847, GIDC Estate, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Limits and
sub – limits within the total amount of facilities given by the sanction
letter of the Bank issue from time to time. The bank shall
have first charge on all book debts investments, deposit etc made by the
borrowers and all monies receivable during the continuance of the security. The company shall
not create any other charge on the security. The company shall
submit statements and returned needed by the bank and shall be responsible
for their correctness. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank |
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6) Date and brief description of instrument modifying the charge |
Composite
hypothecation agreement Dated 10.10.2005
for Rs. 1.000 Millions to be added. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The first and
original change was created by the company in favour of the bank by an
agreement of hypothecation dated 16.09.1999 for Rs. 9.000 Millions only
subsequently the following modifications were made. |
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Date of Modification |
Nature of Instrument |
Amount [in Millions] added/reduced |
Total amount of charge [in Millions] |
Filed ROC vide |
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RT No. |
Date |
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07.11.2003 |
Supplemental Hypothecation Agreement |
4.500 |
13.500 |
507097 |
05.12.03 |
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12.04.2004 |
Supplemental Hypothecation Agreement |
2.500 |
11.000 |
39838 |
10.05.04 |
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23.08.2005 |
Supplemental Hypothecation Agreement |
9.032 |
20.032 |
Sent by postal speed post 7455 |
20.09.05 |
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10.10.2005 |
Composite Hypothecation Agreement |
1.000 |
21.032 |
Present modification being filed. |
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The rate of interest chargeable now is 12.75 % and all terms and
conditions of the original agreement dated 16.09.1999 remains unchanged. |
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THE
GROUP
Subject belongs to the Perfect
Group of Companies. The Nizami Brothers established it in Vadodara in
1940. Their first enterprise, The Nizami Welding and Boiler Repairing
Works, was the only approved boiler repairing outfit in the then
Meanwhile with the technical assistance of Cooper Heat,
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Sales
Tax No. |
GST No.1916005834 Dated
01.07.2002 |
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CST NO. GUJ 8C5479 Dated
15.5.95 |
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S.S.I
Registration No. |
04/18/00553/PMT/SSI/Year 1967 |
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N.S.I.C
Registration No. |
NS/GBP/RS/P-44/GUJ/19366
(Without Monetary Limit) |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.33 |
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1 |
Rs.79.74 |
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Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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